2016 Brings New-Home Sales Surprise

DAILY REAL ESTATE NEWS | New-home sales rebounded, led by a strong upswing in the West. Sales of new, single-family homes nationwide ticked up 4.3 percent late 2015 to a seasonally adjusted annual rate of 490,000 units, the Commerce Department reports, with home sales up 14 percent year-over-year.

“It is encouraging to see new-home sales continue to tick upward,” says Tom Woods, chairman of the National Association of Home Builders. “Builders are also increasing their inventory even as they face difficulties accessing lots and labor.”

Across the country, sales posted the biggest increase in the West, which saw new home sales rise 20.5 percent month-over-month in November. Sales also posted a 4.5 percent increase in the South. On the other hand, new-home sales plunged 28.6 percent in the Northeast and dropped 8.6 percent in the Midwest.